FAIS OMBUDSMAN’S VIEW

THE OFFICE of the present ombud, Naresh Tulsie, says it is aware of the number of property syndication matters that are still outstanding, pending finalisation.

“Each matter will still be adjudicated on its own merits, regardless of the time that has passed to ensure that a fair and impartial decision is reached,” the office says.

“That being said, the process of finalising matters is hampered by the constant legal challenges the office, and more so, complainants have to face.

While we support a fair judicial process, the time has come to ask whether the (continual) appeals of decisions of this office are in the best interest of consumers, and the financial services providers who religiously pay premiums for professional indemnity cover.

“The legal costs by now have far outweighed the capital lost by complainants, and the insurers and individual financial services providers driving this litigation, should consider whether they are not throwing good money after bad, simply to make a point.

“We remind the industry that the Code of Conduct

[under the FAIS Act] requires providers to at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interest of clients and the integrity of the financial services industry,” the ombud’s office says.